Know CIBIL report dispute status and go for an instant resolution

CIBIL report dispute status

According to a recent report, of the 400 million working population, 200 million are active credit individuals, as per TransUnion CIBIL. Financial institutions operating in India or globally refer to individuals’ credit scores and credit reports to make financing decisions.

Issued by Credit Information Bureau of India Limited, these parameters help filter loan applications by assessing an individual’s creditworthiness. It is, hence, important to check CIBIL report dispute status and check the errors, if any, corrected to avoid rejections of loans or to miss out on other financial benefits.

Different types of disputes possible in a CIBIL report

Here are two primary disputes that one can find on a CIBIL report –

  1. Personal information     

The credit information bureau creates your entire profile based on personal information like name, date, address, PAN, income, contact, date of birth and more. If left with incorrect information, CIBIL will end up generating a wrong CIR. Hence, it will affect your CIBIL report in the long run.

      2. Account details

Your account details in the CIR include bank account details, financial details, current balance, outstanding balance, defaults and more. Check every data precisely to identify possible inaccuracies.

Besides, make sure there are no entries of personal, employment or account details and credit enquiries that don’t belong to you. Any CIBIL report dispute status should be highlighted and rectified before applying for new loans.

Alongside the disputes, one should know the benefits of resolving them in the long run.

Benefits of a clean CIBIL report

A CIBIL report contains various details that it fetches from a financial institution like personal information, account details, employment details, records of borrowing money, repayment schedule, outstanding loan amounts, defaults, etc. A clean report offers benefits such as:

  • Higher credit limit 
  • Comparatively lower rate of interest 
  • Better power to negotiate with lenders 
  • Chances for quick loan approvals 
  • Flexible terms on loans, etc.  

Any inaccuracy in the information shall directly impact these factors along with the TransUnion CIBIL score and your chances of securing a credit smoothly.

How often can you check your credit report?

CIBIL collects data from various financial institutions every 30 to 45 days. As per their mandate, an individual is permitted to check only 1 report per year for free. However, if you want to check your report more than once, you need to pay a nominal amount. Also, you can approach reputed fintech companies online to check the CIBIL score for free.

Besides that, individuals should also learn to find a resolution to avoid future issues.

How to go for quick resolution?

You can initiate a CIBIL report dispute status online from MyCIBIL. Here are the steps – 

Step 1: Log in to the website using your login credentials and navigate the ‘credit reports’ section.

Step 2: Under the ‘dispute centre’ option, click on ‘Dispute an item’ to avail of the required form. 

Step 3: Fill up the online dispute form with accurate details, recheck and submit. 

Step 4: Select the appropriate section to raise a dispute. 

Step 5: Under the ‘Dispute Type’ option, provide the correct details to be updated and mention the reason behind the inaccuracy briefly. 

Following this, the credit information bureau will scrutinize the errors and coordinate with the respective financial institution for rectification. CIBIL will correct the inaccuracies if your disputes get accepted and reflect the same in the next credit report generated. The entire process of CIBIL dispute resolution takes around 30 days.

You can track your CIBIL report dispute status on CIBIL’s website under ‘Dispute Status’ to know if it’s resolved. Usually, the credit bureau updates with an SMS on a customer’s registered number.        

This rectification helps you while applying for a series of financial products. Moreover, you can avail of various benefits with a respectable TransUnion CIBIL score and no disputes in your credit report. This includes availing of a higher loan amount, better interest rates, easy repayment options, and many others.

According to a 2020 survey, 68% of the participants reported not knowing their CIBIL score. Financial literacy is essential to make informed decisions and calculated monetary commitments. Ensure to check your CIBIL report dispute status carefully and update your financial institution of any change beforehand to avoid these hassles of rectification.

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